Loose wires/poor connections on high current circuits causes heat generation through the poor connection resistance. Heat generation causes metal corrosion and more resistance. This syndrome will keep going on until excessive heat causes wire/connection failure. Power (generated heat) = I (current) SQUARED multiplied by R (resistance). 1/2 the resistance from 1 ohm to 1/2 half ohm by improving the connection = 1/4 the heat generated.
All electrical connections should be tight, metal surfaces shiny (NO Surface Oxidation), use electrical contact cleaner/restorer (Caig Cramolyn DeOxIt ) on all. All screw type connections (AC circuit breakers, water heater element, 12 volt buss bar) should be retightened on a regular basis.